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Mumbai Municipality Orders Real Estate Developers To Pay Tax In Advance

Municipal Corporation of Greater Mumbai has taken a stringent step to reduce the piling up of tax arrears; making a statement, real-estate developers need to pay three years’ advance property tax to the corporation. This move is a result of Rs. 6, 000 crore arrears of builders, housing societies and commercial establishments.

Bombay Municipal Corporation Building

Bombay Municipal Corporation Building

This could very well affect the cost of apartments; they might easily soar up. Also, it will be the responsibility of the buyer to ensure that all taxes are cleared before making a purchase as new owner will be responsible for any unpaid bills. The disadvantage being increased housing rates as builders will pass on the same cost to the customers.

MCGM - Mumbai Municipality Logo

MCGM - Mumbai Municipality Logo

Government has collected Rs. 3, 320 crore last year as property tax. If you are planning to buy some property in the commercial capital, do make a note of this and ask your developer clearly!

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